Palisade Bio (PALI) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Entity Registrant Name	Seneca Biopharma, Inc.
Entity Central Index Key	0001357459
Trading Symbol	snca
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		9,428,011
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.01 par value

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 10,030,024	$ 5,114,917
Trade and other receivables	19,014	21,064
Prepaid expenses	414,683	510,900
Total current assets	10,463,721	5,646,881
Property and equipment, net	31,130	41,036
Patents, net	649,745	668,936
ROU and other assets	215,953	227,036
Total assets	11,360,549	6,583,889
CURRENT LIABILITIES
Accounts payable and accrued expenses	961,026	824,406
Accrued bonuses	98,750	135,686
Short-term note and other current liabilities	126,450	264,665
Total current liabilities	1,186,226	1,224,757
Warrant liabilities, at fair value	59,971	84,596
Lease liability, net of current portion	136,395	148,543
Total liabilities	1,382,592	1,457,896
Commitments and contingencies (Note 5)
STOCKHOLDERS' EQUITY
Preferred stock, 7,000,000 shares authorized, $0.01 par value; 200,000 shares issued and outstanding at March 31, 2020 and December 31, 2019	2,000	2,000
Common stock, $0.01 par value; 300,000,000 shares authorized, 9,428,011 and 3,866,457 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	94,280	38,665
Additional paid-in capital	239,439,587	227,067,058
Accumulated other comprehensive loss	(7,148)	(6,186)
Accumulated deficit	(229,550,762)	(221,975,544)
Total stockholders' equity	9,977,957	5,125,993
Total liabilities and stockholders' equity	$ 11,360,549	$ 6,583,889

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, shares authorized (in shares)	7,000,000	7,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	200,000	200,000
Preferred stock, shares outstanding (in shares)	200,000	200,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	9,428,011	3,866,457
Common stock, shares outstanding (in shares)	9,428,011	3,866,457

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 6,020	$ 2,500
Operating expenses:
Research and development expenses	696,889	1,514,463
General and administrative expenses	1,299,595	944,602
Total operating expenses	1,996,484	2,459,065
Operating loss	(1,990,464)	(2,456,565)
Other income (expense):
Interest income	13,289	29,000
Interest expense	(2,579)	(2,017)
Warrant inducement expense	(5,620,089)
Gain (loss) on fair value of liability classified warrants	24,625	(340,115)
Other expense		(344,295)
Total other income (expense)	(5,584,754)	(657,427)
Net loss	$ (7,575,218)	$ (3,113,992)
Net loss per share - basic and diluted (in dollars per share)	$ (0.93)	$ (3.42)
Weighted average common shares outstanding - basic and diluted (in shares)	8,139,159	910,821
Comprehensive loss:
Net loss	$ (7,575,218)	$ (3,113,992)
Foreign currency translation adjustment	(962)	(1,743)
Comprehensive loss	$ (7,576,180)	$ (3,115,735)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	1,000,000	910,253
Balance at Dec. 31, 2018	$ 10,000	$ 9,103	$ 219,654,753	$ (413)	$ (213,623,893)	$ 6,049,550
Share based payments			337,966			337,966
Foreign currency translation adjustments				(1,743)		(1,743)
Net loss					(3,113,992)	(3,113,992)
Balance (in shares) at Mar. 31, 2019	1,000,000	910,253
Balance at Mar. 31, 2019	$ 10,000	$ 9,103	219,992,719	(2,156)	(216,737,885)	3,271,781
Balance (in shares) at Dec. 31, 2019	200,000	3,866,457
Balance at Dec. 31, 2019	$ 2,000	$ 38,665	227,067,058	(6,186)	(221,975,544)	5,125,993
Share based payments			75,892			75,892
Foreign currency translation adjustments				(962)		(962)
Net loss					(7,575,218)	(7,575,218)
Issuance of common stock and inducement warrants for warrant exercises (in shares)		5,561,554
Issuance of common stock and inducement warrants for warrant exercises		$ 55,615	12,296,637			12,352,252
Balance (in shares) at Mar. 31, 2020	200,000	9,428,011
Balance at Mar. 31, 2020	$ 2,000	$ 94,280	$ 239,439,587	$ (7,148)	$ (229,550,762)	$ 9,977,957

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (7,575,218)	$ (3,113,992)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	29,078	39,821
Share-based compensation expense	75,892	337,966
Warrant inducement expense	5,620,089
(Gain) loss on fair value of liability classified warrants	(24,625)	340,115
Changes in operating assets and liabilities:
Trade and other receivables	2,050	56,275
Related party receivable		362,176
Prepaid expenses	93,054	75,938
ROU and other assets	9,334	19,125
Accounts payable and accrued expenses	138,584	244,319
Accrued bonuses	(36,936)
Other current liabilities	1,042	(27,648)
Lease and other long term liabilities	(9,973)
Net cash used in operating activities	(1,677,629)	(1,665,905)
Cash flows from investing activities:
Net cash provided by investing activities
Cash flows from financing activities:
Proceeds from warrant exercises	6,732,163
Payments of short-term note payable	(138,735)	(117,019)
Net cash provided by (used in) financing activities	6,593,428	(117,019)
Effects of exchange rates on cash	(692)	903
Net increase (decrease) in cash and cash equivalents	4,915,107	(1,782,021)
Cash and cash equivalents, beginning of period	5,114,917	5,787,110
Cash and cash equivalents, end of period	10,030,024	4,005,089
Supplemental disclosure of cash flows information:
Cash paid for interest	$ 2,579	$ 2,017

Note 1 - Organization, Business

Note 1 - Organization, Business and Financial Condition	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Nature of Business In October 2019, one Seneca Biopharma, Inc., is a clinical-stage biopharmaceutical company developing novel treatments for diseases of high unmet medical need. The Company is in the process of transforming the organization through the acquisition or in-licensing of new science and technologies, to develop with the goal of providing meaningful therapies for patients. In addition to the anticipated development of in-licensed or acquired technologies, the Company plans to continue to maintain NSI- 566 189 The Company was founded in 1997 may On July 17, 2019, 1 20 1 20 Liquidity and Going Concern The Company has incurred losses since its inception and has not not no one not In making this assessment we performed a comprehensive analysis of our current circumstances including: our financial position at March 31, 2020, one 10 We expect that our existing cash and cash equivalents as of March 31, 2020 12 no not may third not We have spent and will continue to spend substantial funds in the research, development, pre-clinical and clinical testing of our small molecule and stem cell product candidates and we anticipate spending additional funds to maintain these programs as we seek partners to further their clinical development. We have also began spending funds on the evaluation of new assets and technologies with the goal of acquisition and development. No

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. Basis of Presentation In management’s opinion, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The unaudited condensed consolidated balance sheet at December 31, 2019, not may not 10 December 31, 2019, may Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of our licensed technology and related patents, our net operating loss and related valuation allowance for tax purposes, the fair value of our liability classified warrants and our share-based compensation related to employees and directors, consultants and advisors, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates. Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair values of our liability classified warrants were estimated using Level 3 3 Foreign Currency Translation The functional currency of our wholly owned foreign subsidiary is its local currency. Assets and liabilities of our foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for our subsidiary are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss. Cash, Cash Equivalents and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market accounts and certificates of deposit with original maturities of 90 may Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents. Our investment policy, approved by our Board of Directors, limits the amount we may one not Revenue The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit. Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with the pre-clinical development and clinical trials of our product candidates. For the three March 31, 2020 2019, $52,200 $95,000, Income (Loss) per Common Share Basic income (loss) per common share is computed by dividing total net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. For periods of net income when the effects are dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding and the dilutive impact of all dilutive potential common shares. Dilutive potential common shares consist primarily of convertible preferred stock, stock options, restricted stock units and common stock purchase warrants. The dilutive impact of potential common shares resulting from common stock equivalents is determined by applying the treasury stock method. Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted income per share excludes net income attributable to the unvested restricted shares from the numerator and excludes the impact of the shares from the denominator. For all periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses; accordingly, diluted loss per share is the same as basic loss per share or the three March 31, 2020 2019. 7.7 0.7 three March 31, 2020 2019, Share-Based Compensation We account for share-based compensation at fair value; accordingly, we expense the estimated fair value of share-based awards over the requisite service period. Share-based compensation cost for stock options and warrants is generally determined at the grant date using an option pricing model. Option pricing models require us to make assumptions, including expected volatility and expected term of the options. If any of the assumptions we use in the model were to significantly change, share-based compensation expense may Intangible and Long-Lived Assets We assess impairment of our long-lived assets using a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not No three March 31, 2020 2019. Income Taxes We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not” Leases We determine if an arrangement is or contains a lease at its inception. We have made accounting policy elections whereby we (i) do not 12 not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. See Note 5, Significant New Accounting Pronouncements Recently Adopted Guidance In August 2018, ASU 2018 13, 820 December 15, 2019. January 1, 2020. not Unadopted Guidance In June 2016, ASU No. 2016 13, December 15, 2022, not We have reviewed other recent accounting pronouncements and concluded that they are either not no

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 3. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. These levels are: · Level 1 · Level 2 not · Level 3 Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis We have segregated our financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. At March 31, 2020 December 31, 2019, May 2016 August 2017 4 3 Level 1 Level 2 Level 3 Total Liabilities Liability classified stock purchase warrants $ - $ - $ 84,596 $ 84,596 Balance at December 31, 2019 $ - $ - $ 84,596 $ 84,596 Liability classified stock purchase warrants $ - $ - $ 59,971 $ 59,971 Balance at March 31, 2020 $ - $ - $ 59,971 $ 59,971 The following table presents the activity for those items measured at fair value on a recurring basis using Level 3 Mark-to-market liabilities - stock purchase warrants Balance at December 31, 2018 $ 583,734 Change in fair value - loss 340,115 Balance at March 31, 2019 $ 923,849 Balance at December 31, 2019 $ 84,596 Change in fair value - gain (24,625 ) Balance at March 31, 2020 $ 59,971 The (gains) losses resulting from the changes in the fair value of the liability classified warrants are classified as other income or expense in the accompanying unaudited condensed consolidated statements of operations. The fair value of the common stock purchase warrants is determined based on the Black-Scholes option pricing model or other option pricing models as appropriate and includes the use of unobservable inputs such as the expected term, anticipated volatility and expected dividends. Changes in any of the assumptions related to the unobservable inputs identified above may For both the three March 31, 2020 2019,

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 4. We have granted share-based compensation awards to employees, board members and service providers. Awards may ten March 31, 2020, 8.5 We typically record share-based compensation expense on a straight-line basis over the requisite service period. Share-based compensation expenses included in our condensed consolidated statements of operations are as follows: Three Months Ended March 31, 2020 2019 Research and development expenses $ - $ 200,337 General and administrative expenses 75,892 137,629 Total $ 75,892 $ 337,966 Stock Options A summary of stock option activity and related information for the three March 31, 2020 Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2020 271,660 $ 61.83 7.8 $ - Granted - $ - Exercised - $ - $ - Forfeited (5,054 ) $ 6.00 Outstanding at March 31, 2020 266,606 $ 62.89 7.3 $ - Exercisable at March 31, 2020 219,202 $ 74.54 7.0 $ - Range of Exercise Prices Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value $5.90 - $6.00 50,430 $ 5.99 8.5 $ - $7.20 - $8.80 146,972 $ 8.51 8.7 - $22.20 - $80.60 28,501 $ 31.63 4.7 - $107.40 - $1,102.40 40,703 $ 351.63 2.4 - 266,606 $ 62.89 7.3 $ - The Company uses the Black-Scholes option pricing model for “plain vanilla” options and other pricing models as appropriate to calculate the fair value of options. The Company generally uses the “simplified method” to estimate expected life. Significant assumptions used in these models include: Three Months Ended March 31, 2019 Annual dividend - Expected life (in years) 5.4 - 5.5 Risk free interest rate 2.4% - 2.5% Expected volatility 97% Options granted in the three March 31, 2019, $0.34 No three March 31, 2020. Unrecognized compensation cost for unvested stock option awards outstanding at March 31, 2020 $73,000 0.4 In the three March 31, 2019, $102,000 three March 31, 2019. RSUs We have granted restricted stock units (RSUs) to certain employees and board members that entitle the holders to receive shares of our common stock upon vesting and subject to certain restrictions regarding the exercise of the RSUs. The grant date fair value of RSUs is based upon the market price of the underlying common stock on the date of grant. No three March 31, 2020 2019. RSUs vesting in the three March 31, 2020 $7,500. No three March 31, 2019. At March 31, 2020, 5,467 $29.62 $3,600. March 31, 2020 $7,000 0.3 No three March 31, 2020 2019. Restricted Stock We have granted restricted stock to certain board members that vest quarterly over the grant year. The grant date fair value of the restricted stock is based upon the market price of the common stock on the date of grant. No three March 31, 2020 2019. Restricted stock vesting in the three March 31, 2020, $1.11 $5,100. three March 31, 2019, $5.90 $1,300. At March 31, 2020, 1,907 $5.90. March 31, 2020 $11,300 0.3 Stock Purchase Warrants. We have issued warrants to purchase common stock to certain officers, directors, stockholders and service providers as well as in conjunction with debt and equity offerings and at various times replacement warrants were issued as an inducement for warrant exercises. In May 2016 August 2017, 87,309 112,500 March 31, 2020, 149,136 3 In January 2020, 5,555,554 $1.36 $7.6 $2.70 $1.36 5,555,554 $1.23 2,777,777 two 2,777,777 five 444,445 $1.70 five We recognized an expense in the accompanying condensed consolidated statement of operations for the three March 31, 2020 $5.6 A summary of outstanding warrants at March 31, 2020 Range of Exercise Prices Number of Warrants Outstanding Range of Expiration Dates $1.14 - $1.23 5,704,703 May 2021 - January 2025 $1.70 - $3.38 1,493,999 December 2020 - January 2025 $6.00 - $782.60 199,914 July 2020 - April 2024 7,398,616 Preferred and Common Stock We have outstanding 200,000 4.5% December 2016. 4.5% 38,873 April July 2019, 800,000 4.5% 155,496

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5. Leases We currently operate one one Our corporate offices and primary research facilities are located in Germantown, Maryland, where we lease approximately 1,500 $5,700 12 December 31, 2019. not We also lease approximately 11,300 September 2019, $4,400 September 2024 first Our long-term operating lease and related sublease for our San Diego facility both terminated in August 2019. $24,200 three March 31, 2019. We recognized total rent expense of approximately $30,400 $59,100 three March 31, 2020 2019, $16,900 three March 31, 2020 2019, March 31 2020 2019 Operating lease cost $ 30,417 $ 50,160 Variable lease cost - 8,916 Sublease income - (24,159 ) Total net lease cost $ 30,417 $ 34,917 At March 31, 2020, $190,800 $169,300 Maturities of our lone long-term operating lease as of March 31, 2020 Future undiscounted cash flows: 2020 * $ 38,285 2021 53,685 2022 55,311 2023 57,118 2024 13,437 Total 217,836 Discount factor (48,552 ) Lease liability 169,284 Less current liability (32,889 ) Non-current lease liability $ 136,395 * reflects the remaining 9 months of 2020 Other From time to time, we are parties to legal proceedings that we believe to be ordinary, routine litigation incidental to the business. We are currently not

Note 6 - Related Party Receivab

Note 6 - Related Party Receivable	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6. On August 10, 2016, six $658,000 The $658,000 $199,000 In March 2019, 50% $229,000 March 31, 2020, $229,000 July 2025. not

Note 7 - Subsequent Events

Note 7 - Subsequent Events	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 7. None.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation In management’s opinion, the accompanying interim unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly our financial position, results of operations and cash flows. The unaudited condensed consolidated balance sheet at December 31, 2019, not may not 10 December 31, 2019, may
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of our licensed technology and related patents, our net operating loss and related valuation allowance for tax purposes, the fair value of our liability classified warrants and our share-based compensation related to employees and directors, consultants and advisors, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The carrying amounts of our short-term financial instruments, which primarily include cash and cash equivalents, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The fair values of our liability classified warrants were estimated using Level 3 3
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency of our wholly owned foreign subsidiary is its local currency. Assets and liabilities of our foreign subsidiary are translated into United States dollars based on exchange rates at the end of the reporting period; income and expense items are translated at the weighted average exchange rates prevailing during the reporting period. Translation adjustments for our subsidiary are accumulated in other comprehensive income or loss, a component of stockholders' equity. Transaction gains or losses are included in the determination of net loss.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Credit Risk Cash equivalents consist of investments in low risk, highly liquid money market accounts and certificates of deposit with original maturities of 90 may Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents. Our investment policy, approved by our Board of Directors, limits the amount we may one not
Revenue from Contract with Customer [Policy Text Block]	Revenue The Company analyzes contracts to determine the appropriate revenue recognition using the following steps: (i) identification of contracts with customers; (ii) identification of distinct performance obligations in the contract; (iii) determination of contract transaction price; (iv) allocation of contract transaction price to the performance obligations; and (v) determination of revenue recognition based on timing of satisfaction of the performance obligation. The Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. Deferred revenue results from cash receipts from or amounts billed to customers in advance of the transfer of control of the promised services to the customer and is recognized as performance obligations are satisfied. When sales commissions or other costs to obtain contracts with customers are considered incremental and recoverable, those costs are deferred and then amortized as selling and marketing expenses on a straight-line basis over an estimated period of benefit.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development costs are expensed as they are incurred. Research and development expenses consist primarily of costs associated with the pre-clinical development and clinical trials of our product candidates. For the three March 31, 2020 2019, $52,200 $95,000,
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) per Common Share Basic income (loss) per common share is computed by dividing total net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. For periods of net income when the effects are dilutive, diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding and the dilutive impact of all dilutive potential common shares. Dilutive potential common shares consist primarily of convertible preferred stock, stock options, restricted stock units and common stock purchase warrants. The dilutive impact of potential common shares resulting from common stock equivalents is determined by applying the treasury stock method. Our unvested restricted shares contain non-forfeitable rights to dividends, and therefore are considered to be participating securities; the calculation of basic and diluted income per share excludes net income attributable to the unvested restricted shares from the numerator and excludes the impact of the shares from the denominator. For all periods of net loss, diluted loss per share is calculated similarly to basic loss per share because the impact of all dilutive potential common shares is anti-dilutive due to the net losses; accordingly, diluted loss per share is the same as basic loss per share or the three March 31, 2020 2019. 7.7 0.7 three March 31, 2020 2019,
Share-based Payment Arrangement [Policy Text Block]	Share-Based Compensation We account for share-based compensation at fair value; accordingly, we expense the estimated fair value of share-based awards over the requisite service period. Share-based compensation cost for stock options and warrants is generally determined at the grant date using an option pricing model. Option pricing models require us to make assumptions, including expected volatility and expected term of the options. If any of the assumptions we use in the model were to significantly change, share-based compensation expense may
Goodwill and Intangible Assets, Policy [Policy Text Block]	Intangible and Long-Lived Assets We assess impairment of our long-lived assets using a "primary asset" approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not No three March 31, 2020 2019.
Income Tax, Policy [Policy Text Block]	Income Taxes We account for income taxes using the asset and liability approach, which requires the recognition of future tax benefits or liabilities on the temporary differences between the financial reporting and tax bases of our assets and liabilities. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. We also recognize a tax benefit from uncertain tax positions only if it is “more likely than not”
Lessee, Leases [Policy Text Block]	Leases We determine if an arrangement is or contains a lease at its inception. We have made accounting policy elections whereby we (i) do not 12 not ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Rent expense is recognized on a straight-line basis over the lease term. See Note 5,
New Accounting Pronouncements, Policy [Policy Text Block]	Significant New Accounting Pronouncements Recently Adopted Guidance In August 2018, ASU 2018 13, 820 December 15, 2019. January 1, 2020. not Unadopted Guidance In June 2016, ASU No. 2016 13, December 15, 2022, not We have reviewed other recent accounting pronouncements and concluded that they are either not no

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total Liabilities Liability classified stock purchase warrants $ - $ - $ 84,596 $ 84,596 Balance at December 31, 2019 $ - $ - $ 84,596 $ 84,596 Liability classified stock purchase warrants $ - $ - $ 59,971 $ 59,971 Balance at March 31, 2020 $ - $ - $ 59,971 $ 59,971
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Mark-to-market liabilities - stock purchase warrants Balance at December 31, 2018 $ 583,734 Change in fair value - loss 340,115 Balance at March 31, 2019 $ 923,849 Balance at December 31, 2019 $ 84,596 Change in fair value - gain (24,625 ) Balance at March 31, 2020 $ 59,971

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2020 2019 Research and development expenses $ - $ 200,337 General and administrative expenses 75,892 137,629 Total $ 75,892 $ 337,966
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at January 1, 2020 271,660 $ 61.83 7.8 $ - Granted - $ - Exercised - $ - $ - Forfeited (5,054 ) $ 6.00 Outstanding at March 31, 2020 266,606 $ 62.89 7.3 $ - Exercisable at March 31, 2020 219,202 $ 74.54 7.0 $ -
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Range of Exercise Prices Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value $5.90 - $6.00 50,430 $ 5.99 8.5 $ - $7.20 - $8.80 146,972 $ 8.51 8.7 - $22.20 - $80.60 28,501 $ 31.63 4.7 - $107.40 - $1,102.40 40,703 $ 351.63 2.4 - 266,606 $ 62.89 7.3 $ -
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 2019 Annual dividend - Expected life (in years) 5.4 - 5.5 Risk free interest rate 2.4% - 2.5% Expected volatility 97%
Schedule of Share-based Compensation, Warrant Activity [Table Text Block]	Range of Exercise Prices Number of Warrants Outstanding Range of Expiration Dates $1.14 - $1.23 5,704,703 May 2021 - January 2025 $1.70 - $3.38 1,493,999 December 2020 - January 2025 $6.00 - $782.60 199,914 July 2020 - April 2024 7,398,616

Note 5 - Commitments and Cont_2

Note 5 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	2020 2019 Operating lease cost $ 30,417 $ 50,160 Variable lease cost - 8,916 Sublease income - (24,159 ) Total net lease cost $ 30,417 $ 34,917
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Future undiscounted cash flows: 2020 * $ 38,285 2021 53,685 2022 55,311 2023 57,118 2024 13,437 Total 217,836 Discount factor (48,552 ) Lease liability 169,284 Less current liability (32,889 ) Non-current lease liability $ 136,395 * reflects the remaining 9 months of 2020

Note 1 - Organization, Busine_2

Note 1 - Organization, Business and Financial Condition (Details Textual)	Jul. 17, 2019	Mar. 31, 2020
Number of Operating Segments		1
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies and Basis of Presentation (Details Textual) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cost Reimbursements from SBIR Grant as Offset to Research and Development Expenses	$ 52,200	$ 95,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	7.7	0.7
Asset Impairment Charges, Total	$ 0	$ 0

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair value of liabilities	$ 59,971	$ 84,596
Stock Purchase Warrants [Member]
Liability classified stock purchase warrants	59,971	84,596
Fair Value, Inputs, Level 1 [Member]
Fair value of liabilities
Fair Value, Inputs, Level 1 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants
Fair Value, Inputs, Level 2 [Member]
Fair value of liabilities
Fair Value, Inputs, Level 2 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants
Fair Value, Inputs, Level 3 [Member]
Fair value of liabilities	59,971	84,596
Fair Value, Inputs, Level 3 [Member] | Stock Purchase Warrants [Member]
Liability classified stock purchase warrants	$ 59,971	$ 84,596

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Activity for Items Measured at Fair Value on a Recurring Basis (Details) - Stock Purchase Warrants [Member] - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Balance	$ 84,596	$ 583,734
Change in fair value - loss	(24,625)	340,115
Balance	$ 59,971	$ 923,849

Note 4 - Stockholders' Equity_2

Note 4 - Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended				3 Months Ended		4 Months Ended
	Jan. 31, 2020	Aug. 31, 2017	Dec. 31, 2016	May 31, 2016	Mar. 31, 2020	Mar. 31, 2019	Jul. 31, 2019	Dec. 31, 2019	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)					8,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)						$ 0.34
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)					0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount					$ 73,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					146 days
Additional Research and Development Expense Due to Modifications						$ 102,000
Proceeds from Warrant Exercises					$ 6,732,163
Warrant Inducement Expense					5,620,089
Private Placement [Member]
Conversion of Stock, Shares Converted (in shares)							800,000
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares)							155,496
Series A 4.5% Convertible Preferred Stock [Member] | Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			200,000
Preferred Stock, Dividend Rate, Percentage			4.50%
Convertible Preferred Stock, Issuable Upon Conversion of All Shares (in shares)			38,873
Stock Purchase Warrants [Member]
Class of Warrant or Right, Issued During Period (in shares)		112,500		87,309
Class of Warrant or Right, Outstanding (in shares)									149,136
Class of Warrant or Right, Exercised During Period (in shares)	5,555,554
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share)	$ 1.36
Proceeds from Warrant Exercises	$ 7,600,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.36							$ 2.70
Warrant Inducement Expense					5,600,000
Replacement Stock Purchase Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)	5,555,554
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.23
Stock Purchase Warrants With 2 Year Term [Member]
Class of Warrant or Right, Outstanding (in shares)	2,777,777
Warrants and Rights Outstanding, Term (Year)	2 years
Stock Purchase Warrants With 5 Year Term [Member]
Class of Warrant or Right, Outstanding (in shares)	2,777,777
Warrants and Rights Outstanding, Term (Year)	5 years
Placement Agent Stock Purchase Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)	444,445
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 1.70
Warrants and Rights Outstanding, Term (Year)	5 years
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount					$ 7,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					109 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares)					0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 7,500	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares)					5,467
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value (in dollars per share)					$ 29.62
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding					$ 3,600
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares)					0	0
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount					$ 11,300
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					109 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares)					0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value (in dollars per share)					$ 1.11	$ 5.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding					$ 5,100	$ 1,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)					1,907
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share)					$ 5.90

Note 4 - Stockholders' Equity -

Note 4 - Stockholders' Equity - Share-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based compensation expense	$ 75,892	$ 337,966
Research and Development Expense [Member]
Share-based compensation expense		200,337
General and Administrative Expense [Member]
Share-based compensation expense	$ 75,892	$ 137,629

Note 4 - Stockholders' Equity_3

Note 4 - Stockholders' Equity - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Options Outstanding (in shares)	271,660
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 61.83
Weighted- average remaining contractual life (Year)	7 years 109 days	7 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	0
Options Granted, Weighted Average Exercise Price (in dollars per share)
Options Exercised (in shares)
Options Exercised, Weighted Average Exercise Price (in dollars per share)
Options Forfeited (in shares)	(5,054)
Options Forfeited, Weighted Average Exercise Price (in dollars per share)	$ 6
Options Outstanding (in shares)	266,606	271,660
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 62.89	$ 61.83
Options Exercisable (in shares)	219,202
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 74.54
Options Exercisable, Weighted Average Remaining Contractual Life (Year)	7 years

Note 4 - Stockholders' Equity_4

Note 4 - Stockholders' Equity - Stock Options by Exercise Price Range (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of options outstanding (in shares)	266,606
Weighted- average exercise price (in dollars per share)	$ 62.89	$ 61.83
Weighted- average remaining contractual life (Year)	7 years 109 days	7 years 292 days
Aggregate intrinsic value
Range One [Member]
Range of exercise prices, lower limit (in dollars per share)	$ 5.90
Range of exercise prices, upper limit (in dollars per share)	$ 6
Number of options outstanding (in shares)	50,430
Weighted- average exercise price (in dollars per share)	$ 5.99
Weighted- average remaining contractual life (Year)	8 years 182 days
Aggregate intrinsic value
Range Two [Member]
Range of exercise prices, lower limit (in dollars per share)	$ 7.20
Range of exercise prices, upper limit (in dollars per share)	$ 8.80
Number of options outstanding (in shares)	146,972
Weighted- average exercise price (in dollars per share)	$ 8.51
Weighted- average remaining contractual life (Year)	8 years 255 days
Aggregate intrinsic value
Range Three [Member]
Range of exercise prices, lower limit (in dollars per share)	$ 22.20
Range of exercise prices, upper limit (in dollars per share)	$ 80.60
Number of options outstanding (in shares)	28,501
Weighted- average exercise price (in dollars per share)	$ 31.63
Weighted- average remaining contractual life (Year)	4 years 255 days
Aggregate intrinsic value
Range Four [Member]
Range of exercise prices, lower limit (in dollars per share)	$ 107.40
Range of exercise prices, upper limit (in dollars per share)	$ 1,102.40
Number of options outstanding (in shares)	40,703
Weighted- average exercise price (in dollars per share)	$ 351.63
Weighted- average remaining contractual life (Year)	2 years 146 days
Aggregate intrinsic value

Note 4 - Stockholders' Equity_5

Note 4 - Stockholders' Equity - Fair Value Assumptions for Stock Options (Details)	3 Months Ended
	Mar. 31, 2019
Annual dividend
Expected volatility	97.00%
Minimum [Member]
Expected life (Year)	5 years 146 days
Risk free interest rate	2.40%
Maximum [Member]
Expected life (Year)	5 years 182 days
Risk free interest rate	2.50%

Note 4 - Stockholders' Equity_6

Note 4 - Stockholders' Equity - Summary of Warrant Activity (Details) - Stock Purchase Warrants [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of warrants outstanding (in shares) | shares	7,398,616
Range One [Member]
Lower exercise price range (in dollars per share)	$ 1.14
Higher exercise price range (in dollars per share)	$ 1.23
Number of warrants outstanding (in shares) | shares	5,704,703
Range One [Member] | Minimum [Member]
Expiration dates	May 2021
Range One [Member] | Maximum [Member]
Expiration dates	January 2025
Range Two [Member]
Lower exercise price range (in dollars per share)	$ 1.70
Higher exercise price range (in dollars per share)	$ 3.38
Number of warrants outstanding (in shares) | shares	1,493,999
Range Two [Member] | Minimum [Member]
Expiration dates	December 2020
Range Two [Member] | Maximum [Member]
Expiration dates	January 2025
Range Three [Member]
Lower exercise price range (in dollars per share)	$ 6
Higher exercise price range (in dollars per share)	$ 782.60
Number of warrants outstanding (in shares) | shares	199,914
Range Three [Member] | Minimum [Member]
Expiration dates	July 2020
Range Three [Member] | Maximum [Member]
Expiration dates	April 2024

Note 5 - Commitments and Cont_3

Note 5 - Commitments and Contingencies (Details Textual)	1 Months Ended	3 Months Ended
	Sep. 30, 2019USD ($)ft²	Mar. 31, 2020USD ($)ft²	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018
Sublease Income			$ 24,159
Operating Lease, Expense		30,400	59,100
Other Assets [Member]
Operating Lease, Right-of-Use Asset				$ 190,800
Short-term Notes and Other Current Liabilities and Lease Liability, Net of Current Portion [Member]
Operating Lease, Liability, Total				$ 169,300
Short-term Leases [Member]
Operating Lease, Expense		$ 16,900	$ 16,900
UNITED STATES
Number of Facilities		1
CHINA
Number of Facilities		1
Area of Real Estate Property (Square Foot) | ft²	11,300
Lease Monthly Payment	$ 4,400
Germantown, MD [Member]
Area of Real Estate Property (Square Foot) | ft²		1,500
Lease Monthly Payment		$ 5,700
Lessee, Operating Lease, Term of Contract (Month)					1 year

Note 5 - Commitments and Cont_4

Note 5 - Commitments and Contingencies - Lease Cost (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease cost	$ 30,417	$ 50,160
Variable lease cost		8,916
Sublease income		(24,159)
Total net lease cost	$ 30,417	$ 34,917

Note 5 - Commitments and Cont_5

Note 5 - Commitments and Contingencies - Maturities of Operating Lease (Details) - USD ($)		Mar. 31, 2020	Dec. 31, 2019
2020	[1]	$ 38,285
2021		53,685
2022		55,311
2023		57,118
2024		13,437
Total		217,836
Discount factor		(48,552)
Non-current lease liability		136,395	$ 148,543
Liabilities [Member]
Lease liability		169,284
Current Liabilities [Member]
Less current liability		$ (32,889)
[1]	reflects the remaining 9 months of 2020

Note 6 - Related Party Receiv_2

Note 6 - Related Party Receivable (Details Textual) - Chief Scientific Officer [Member] - Repayment Agreement of Improperly Expense Reimbursement [Member] - USD ($)	Aug. 10, 2016	Mar. 31, 2019	Mar. 31, 2020
Due from Related Parties, Term (Year)	6 years
Due from Related Parties, Total	$ 658,000		$ 229,000
Due from Related Party, Discount	$ 199,000
Debt Instrument, Decrease, Forgiveness		$ 229,000